US Markets Erased a Combined $6.6 Trillion in 2 Days—The most significant Two-Day Wipeout in History. It's time to revisit timeless wisdom from the Masters.

Wisdom from Warren Buffett

1. "The stock market is designed to transfer money from the Active to the Patient." A classic reminder that frantic reactions to declines are often counterproductive.

2. "There is simply no telling how far stocks can fall in a short period." But should a major decline occur, he continued, "heed these lines" from Rudyard Kipling's classic poem "If," circa 1895:

"If you can keep your head when all about you are losing theirs...
If you can wait and not be tired by waiting...
If you can think – and not make thoughts your aim...
If you can trust yourself when all men doubt you...
Yours is the Earth and everything that's in it."

3. "Be fearful when others are greedy, and greedy when others are fearful." Volatility isn’t always a threat—it’s often an invitation.

4. "Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down." Discounts can be delightful—if you know what you’re buying.

Wisdom from Charlie Munger

1. "We now have computer algorithms trading with other computers. And people buying stocks who know nothing, being advised by people who know even less. It's an incredibly crazy situation."

2. "If you're not willing to react with equanimity to a market price decline of 50% two or three times a century, you're not fit to be a common shareholder." Market drops are part of the deal—not the downfall.

3. "The big money is not in the buying or selling, but in the waiting."

4. "The world is full of foolish gamblers, and they will not do as well as the patient investor."

Take it easy until next time.

Disclaimer: Views are personal and should not be considered investment advice.

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